Three Posible Currency Firms Have Now Received Charters or Licenses from NYDFS Gemini, Circle, itBit
Anthony J. Albanese, Acting Superintendent of Financial Services, today announced that the Fresh York State Department of Financial Services (NYDFS) has granted a chartervliegtuig under the Fresh York Banking Law to Gemini Trust Company, LLC (&ldquo,Gemini&rdquo,) a Bitcoin exchange that is based ter Fresh York City and founded by Cameron and Tyler Winklevoss.
Acting Superintendent Albanese said: &ldquo,Te Fresh York, wij are continuing to stir forward on licensing and chartering potencial currency firms. Clever, targeted regulation that helps protect consumers and prevent illicit activity is cardinal to the long-term future of this industry.&rdquo,
Ter light of the demonstrated need for stronger oversight of supuesto currency exchanges after the Mt. Gox collapse, NYDFS issued a March 2014 public order initiating a process for accepting chartervliegtuig applications for imaginario currency exchanges under the existing Fresh York Banking Law. Spil previously noted te the NYDFS announcement of that order, those exchanges are also expected to meet the total requirements of the NYDFS BitLicense regulatory framework which wasgoed finalized te June 2018 spil a condition of licensure.
Related movie: Gemini Bitcoin Exchange Launches to the Public
Gemini applied to NYDFS for a chartervliegtuig to operate spil a trust under that process for supuesto currency exchanges ter July 2018. NYDFS conducted a rigorous review of that application, including but not limited to the company&rsquo,s anti-money laundering, capitalization, consumer protection, and cyber security standards. Spil a chartered limited purpose trust company with fiduciary powers under the Banking Law, Gemini can start operating instantly and is subject to ongoing supervision by the NYDFS.
To view a copy of Gemini&rsquo,s NYDFS chartervliegtuig authorization certificate, please visit, listig.
Extra Background/Timeline on the NYDFS Imaginario Currency Regulation
- Ter August 2013, NYDFS launched an inquiry into the adequate regulatory guidelines for posible currencies.
- Ter January 2014, NYDFS held public hearings on that aparente currency regulation.
- Te July 2014, NYDFS issued its proposed BitLicense regulatory framework for public comment.
- Te December 2014, NYDFS outlined an updated BitLicense framework that incorporated terugkoppeling from the very first round of public comments. The updated proposal contained a series of switches and clarifications, including the creation of a two-year transitional BitLicense to assist commence ups. NYDFS also invited public comments on the updated framework.
- Te May 2018, NYDFS granted the very first chartervliegtuig under the Fresh York Banking Law to supuesto currency company itBit Trust Company, LLC a commercial Bitcoin exchange.
- Ter June 2018, NYDFS published its final BitLicense rules and invited applications from posible currency firms.
- Ter September 2018, NYDFS approved the very first BitLicense application (Circle Internet Financial).